Standard 7-8 Quiz

An agreement to provide goods, services, or money in exchange for future payments is called?

• debit

• credit

• loan

• none of the above

1. Something of value (often a house or a car) pledged by a borrower as security for the loan is called?

• Credit

• APR

• Collateral

• Interest

Payment for the use of someone else’s money is called?

• credit

• debit

• collateral

• interest

The percentage rate of interest charged to the borrower or paid to a lender, saver, or investor is called?

• Interest Rate

• Interest

• APR

• None of the above

1. A type of contract between the borrower and the lender explaining the

requirements of fulfilling the loan is called a?

• mortgage

• loan agreement

• collateral

• none of the above

A long-term loan to buy real estate including land and the structures on it is called?

• Loan

• Realtor Loan

• Mortgage

• none of the above

Credit with collateral is called?

• unsecured credit

• secured credit

Credit without collateral is called?

• unsecured credit

• secured credit

1. The percentage cost of credit on an annual basis is called?

• Interest Rate

• Interest

• APY

• APR

1. An establishment that collects and distributes credit history information of individuals and businesses is called a?

• credit card company

• credit bureau